Europe Speed Sensor Market size surpassed USD 2 billion in 2020 and is anticipated to exhibit a CAGR of 4% between 2021 and 2027. The market demand is impelled by rising investment activities among automotive OEMs to boost the development of autonomous driving technology in upcoming vehicles.
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Speed sensors are used in self-driving vehicles to improve safety and motion control through ADAS systems. Several automobile manufacturers and OEMs in the region are focusing on partnership & collaboration strategies to improve their autonomous driving technologies. For instance, in July 2021, Audi and Volkswagen Group announced a strategic collaboration to develop a safe system architecture for autonomous vehicle technology. This architecture design includes subsystems linked to actuators, sensors, and fault-containment units to ensure the vehicle's safe autonomous operation.
The magneto resistive segment dominated around 25% market share in 2020 and will showcase 4% growth rate during the forecast period. Growth is attributed to the numerous specifications offered, such as low fabrication costs, low-power consumption, low output noise, and low hysteresis effects, enabling high linearity in speed sensors.
Major companies including Allegro MicroSystems Inc. and Infineon Technologies AG are engaged in the advancement of Giant Magneto Resistance (GMR) technology, which further propels the market expansion. For instance, in October 2021, Allegro announced that it has reduced the angular jitter in GMR-based wheel speed sensors for the automotive rotary position sensing application. This wheel position sensor produces less noise and is suitable for industrial & automotive applications. GMR technology delivers solid state architecture which add opportunities for sensor manufacturers to deliver smaller footprint and obtain high energy efficiency in new speed sensor offerings.
UK speed sensor market is poised to register growth of more than 4.5% during the forecast period. The market growth is due to rising government initiatives to boost the adoption of new technologies in the manufacturing sector such as autonomous systems, artificial intelligence & advanced robots. For instance, in May 2021, the UK government invested USD 136.8 million in R&D activities to innovate robotics, augmented reality, and artificial intelligence.
Major industry participants include Infineon Technologies, Melexis Corporation, and Robert Bosch GmbH, Continental AG, Infineon Technologies AG, Honeywell International Inc., among others. These players are extensively involved in launching new products to gain a competitive edge in the market. For instance, in October 2020, Robert Bosch LLC launched new wheel speed sensors along with other body electronics products for advanced driver-assistance systems. Anti-lock braking systems (ABS) employ wheel speed sensors to communicate data to various modules and evaluate safe braking & traction control.